Tazzy Devil

Does anyone know if it is possible to hold a sterling account in aus I know you can hold a $ account in the uk as this would allow us to transfer funds to aus and wait for the prefered exchange rate without exceeding the six month restriction on transfering funds without incurring a tax penalty
i would appreciate any comments or thoughts on the subject.

yafm

How about going into the aus bank sites and using the contact us button They may not all have the same rules? Good luck and keep us posted.

Rudy

I'm not sure if this would work in the same way as you are hoping, but in the information pack we received from the commomwealth bank, they describe various risk management products that they offer, involving sums in excess of £30 k, these include:

"Holding funds in pound sterling - deposit your funds in London and monitor exchange rates while receiving interest, then agree a rate with a consultant over the phone to convert the funds at the time of your choice."

"Rate watch- nominate a target rate, if the market reaches your predetermined rate AUD will be purchased on your behalf"

"Forward Exchange Contracts- secure the rate today for settlement at a future point"

If you would like a contact name and number for the Senior relationship manager in Commonwealth bank London send me a PM.

HTH
Hazel.

Roger

ASB in NZ do this too. ASB is ozzie isn't it.
Roger

Kiwipaul

I'd be very surprised if any of major the Aus banks DIDN'T allow you to hold funds in any currency you like.

I've only done it in NZ but banks are out to make money, and their are no gov regs against foreign curreny accounts. They might not pay much interest but they will hold your money for you.